Paprec Holding SA (PAPREC) EUR850m 144A/Reg S green sr sec 1st priority notes 2-part. NR/BB/BB+ (--/stable/stable). Via BNP/CA (B&D) jt active books/Soc Gen jt glocos/Natixis jt books. No reg rights. List ISE. NY law. Settles 07/10 (T+7).
- EUR550m due 07/15/30 (5y). NC2 (MWC B+50bp) (07/15/27) then at 102.063, 101.031, 100. Equity claw: 2y 40% at 104.125. CoC at 101. Pays Jan 15 and July 15, starting 01/15/26. Denoms: 100x1. Reg S ISIN: XS3111830959. IPT: mid 4s. Price talk: 4.375% area. Final price talk: 4.125-4.25% (WPIR). Priced: 4.125% at 100. +197bp vs OBL 2.40% 04/18/30.
- EUR300m due 07/15/32 (7y). NC3 (07/15/28) (MWC B+50bp), then at 102.250, 101.125, 100. Equity claw: 2y 40% at 105.50. CoC at 101. Pays Jan 15 and Ju.y 15, starting 01/15/26. Denoms: 100x1. Reg S ISIN: XS3111831254. IPT: high 4s. Price talk: 4.75% area. Final price talk: 4.50-4.625% (WPIR). Priced: 4.50% at 100. +219bp vs DBR 0.00% due 02/15/32.
Roadshow (1-on-1 calls available) 06/30-07/01 (investor call at 11am UKT 06/30) (originally ending 07/02). Books closed at 1:30pm UKT 07/01. Reconfirms were due at 2:45pm UKT/3:45pm CET 07/01. UOP: refinance its EUR300m 6.50% sr sec notes due 11/17/27 (callable at 103.25) and EUR500m 7.25% sr sec notes due 11/17/29 (MWC T+50bp), and GCP. Biz: a family-owned waste management company, mainly in France and specializing in the recycling and waste-to-energy activities from private and public customers, including municipalities. HQ: Paris, France.
Deal Roadshow direct link:https://dealroadshow.com/e/PAPREC2025. Entry code: PAPREC2025.